Germany's Gildemeister starts building machine-tool plant worth 38 mln euro in Ulyanovsk region
ULYANOVSK. Oct 23 (Interfax) - A ground-breaking ceremony for the construction of German company Gildemeister AG's machine-tool building plant was held on Tuesday in the Ulyanovsk region, an Interfax correspondent at the even reported.
Representatives of the company's management and regional authorities took part in the event.
A representative of the German company told Interfax that total investment in the project comes to 38 million euro, 20 million euro of which is directly in the plant's construction. An additional 18 million euro will go to equipping the enterprise.
The plant will be built at the Zavolzhye industrial zone at a section covering 200,000 square meters.
The first shipment of machine-presses will be launched in 2013. Total planned production includes around 500 Ecoline presses a year. The plant will also include a major technological center.
Gildemeister AG is the largest manufacturer of machine-tools in Germany and a leading world producer of CNC lathes and milling machines.
The investment agreement with Gildemeister on the construction of the machine-tool plant in Ulyanovsk Region was signed on November 16, 2011. A purchase-sale agreement on land for the future plant in the Zavolzhye industrial zone was signed on January 24, 2012.
The new plant will manufacture the latest line of Ecoline machine-tools. Potential clients include companies in the automotive and aerospace industries.
